State Life
The State Life Insurance Corporation of Pakistan, commonly known as State Life or SLIC, (Urdu: ہیَیت دولتِ پاکستان برائے بیمہ کاریِ زندگی) is the largest life insurance company of Pakistan, and is one of the largest companies in Pakistan by assets. It maintains an agency network of around 200,000 sales personnel. Although the major function of SLIC is to carry out life insurance business, it is also involved in other business activities such as investment of policyholders’ fund in government securities, stock market and real estate.[2]
 | |
| Type | Government organization |
|---|---|
| Industry | Life Insurance |
| Founded | 1972 |
| Headquarters | Karachi, Pakistan |
Key people | Shoaib Mir Memon (Chairman) |
| Products | Life insurance Pensions Annuities |
| Revenue |  ₨170.33 billion (US$1.1 billion) - 2017[1] |
| ₨1.27 billion (US$7.9 million) - 2017 | |
| Total assets | ₨755.97 billion (US$4.7 billion) - 2017 |
| Owner | Government of Pakistan |
| Website | www |
The State Life is headed by a Chairman, currently Shoaib Mir Memon. The Chairman is assisted by four directors. The Chairman and directors of State Life are all appointed by the Government of Pakistan.[3] The Principal Office of State Life is situated in Karachi.
History
The life insurance business in Pakistan was nationalized in March 1975. Prior to 1972, 36 life insurance companies were involved in the life insurance business. These companies were later merged and placed under three Beema Units; named "A", "B" and "C". Later, these Beema Units were merged on November 1, 1972 into State Life Insurance Corporation of Pakistan.[4]
Subsidiaries
State Life has the following subsidiaries:
- Alpha Insurance Company Limited
- State Life (Abdullah Haroon Road) Properties (Private) Limited
- State life (Lackie Road) Properties (Private) Limited
- State Assets Management Company Limited (SAMCO)